My previous patent, U.S. Pat. No. 3,896,850, disclosed a check valve and leak indicator in which an elongated valve chamber contained a spring loaded valve closure mounted therein for reciprocating movement between the inlet and outlet ports. The inlet and outlet ports were spaced apart so as to require maximum axial movement to open the outlet port. The magnetic indicating means were situated in the valve closure member itself and outside the valve chamber so as to be responsive to the movement of the cylindrical valve closure plug between its various positions in the valve chamber. Therefore, the magnetic means slidably positioned on a rod or shaft outside the valve housing would indicate the exact position of the valve closure to the operator so as to indicate a full open position, a leaking position or a full closed position. In practice, however, it was found that with a one inch ID valve, it was difficult to find a magnet with sufficient strength to activate the second magnetic indicant means outside the valve body. In order to provide a first magnet with sufficient strength for this purpose it was found necessary to mount the magnet inside the valve chamber of the valve plug off center from the center line of the valve plug and toward the second magnetic means. In many instances this arrangement worked very well, but in some instances spinning of the cylindrical plug would occur due to the offset location of the magnet relative to the center line of the plug. In such instances sometimes the unlike poles of the magnets became out of alignment so as to align like poles toward each other which added to the spinning propensity of the cylindrical plug.